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LLDPE Market to grow at 6% CAGR by 2024 | Global Key Player; INEOS, Braskem, The Dow Chemical Company, ExxonMobil, NOVA Chemicals
LLDPE Market
Germany is the hub of automakers across the world, with most of the automotive biggies having established their business base in the region. Injection molded LLDPE products offer benefits such as better finishing capability, low labor cost, high productive efficiency, and less scrap losses, owing to which they are used to manufacture wire spools and automotive dashboards for the automotive sector.
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Linear Low Density Polyethylene (LLDPE) Market size will cross USD 60 billion by 2024. LLDPE market is projected to grow at a moderate rate and the growth is extensively attributed to robust increase in retail packaging, automotive, agriculture and other consumer goods. Global packaging industry is set to cross USD 1 trillion by 2024, with its major usage in paper & board sector. Innovation in processed food and beverages products packaging designs is taking place as leading brands such as Cadburry, Nestle etc. are setting a global benchmark for different package formats.
LLDPE demand as a substitute for other polyethylene grades such as LDPE and HDPE is increasing, owing to better physical and chemical properties of the product. The polymer is extensively used in canal lining, hazardous waste liners, mining, packaging industry, and geomembrane liners. Increasing application avenues of the product is set to accelerate its market at a substantial pace.
- Linear Low Density Polyethylene Market By Application
o Films
o Injection molding
o Rotomolding
o Others
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LLDPE is also used in manufacturing bags and sacks due to growing demand for rigid posture and excellent finish in final products. It is also increasingly used for other applications such as injection molding, a plastic component manufacturing process. This process is used to produce bottle caps, automotive dashboards, pocket combs, and wire spools. Growing injection molding adoption in the manufacturing industry coupled with rising applications of this technology augments linear low density polyethylene market.
Films likely to contribute to 70% of the application revenue share by 2024. LLDPE films are used in a wide range of applications such as food packaging, moisture resistance in the concrete structure, and prevention of soil erosion in agriculture. Global food packaging industry is projected to cross USD 310 billion by 2024. These films are also used for bags and sacks manufacturing due to its mechanical properties.
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Rotomolded LLDPE will record over USD 6.9 billion market revenue in 2024. This technology is being adopted extensively due to its benefits of being affordable and simpler than blow molding or injection molding. It is used in packaging, water treatment, automotive, agriculture, furniture, and construction industries.
The noteworthy players in Linear low density polyethylene market are Reliance Industries, Nova Chemicals Corporation, SABIC, Exxon Mobil Corporation, LyondellBasell Industries N.V., Sasol Limited, Borealis AG, Braskem S.A., INEOS Group AG, and The Dow Chemical Company.
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